$CRNC
Cerence Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024094836 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $54.81M $70.54M
YoY Change -32.14% 14.4%
Cost Of Revenue $19.91M $20.11M
YoY Change -13.54% -3.98%
Gross Profit $34.90M $50.43M
YoY Change -39.56% 23.85%
Gross Profit Margin 63.67% 71.5%
Selling, General & Admin $18.01M $15.04M
YoY Change 4.13% -13.05%
% of Gross Profit 51.62% 29.82%
Research & Development $25.23M $31.18M
YoY Change -28.22% 3.25%
% of Gross Profit 72.29% 61.83%
Depreciation & Amortization $2.581M $2.665M
YoY Change -9.06% -14.53%
% of Gross Profit 7.4% 5.28%
Operating Expenses $43.79M $405.3M
YoY Change -17.37% 723.47%
Operating Profit -$8.897M -$354.9M
YoY Change -287.78% 4074.86%
Interest Expense -$1.658M $3.104M
YoY Change -12.78% -24.66%
% of Operating Profit
Other Income/Expense, Net $503.0K $626.0K
YoY Change -130.5% -130.84%
Pretax Income -$20.38M -$356.1M
YoY Change -5991.04% 2548.74%
Income Tax $33.00K -$42.60M
% Of Pretax Income
Net Earnings -$20.42M -$313.5M
YoY Change 76.73% 1805.46%
Net Earnings / Revenue -37.25% -444.5%
Basic Earnings Per Share -$7.50
Diluted Earnings Per Share -$0.49 -$7.50
COMMON SHARES
Basic Shares Outstanding 41.80M 41.78M
Diluted Shares Outstanding 41.80M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.0M $121.0M
YoY Change 15.06% 17.65%
Cash & Equivalents $121.5M $115.5M
Short-Term Investments $5.502M $5.441M
Other Short-Term Assets $75.77M $44.79M
YoY Change 40.07% -24.51%
Inventory $1.000M $1.000M
Prepaid Expenses
Receivables $62.76M $72.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $265.5M $239.6M
YoY Change 17.62% 9.32%
LONG-TERM ASSETS
Property, Plant & Equipment $43.02M $42.28M
YoY Change -6.43% -12.58%
Goodwill $296.9M $292.3M
YoY Change -67.03% -67.7%
Intangibles
YoY Change
Long-Term Investments $3.453M $5.343M
YoY Change -67.45% -59.5%
Other Assets $91.81M $23.97M
YoY Change 107.89% -50.94%
Total Long-Term Assets $436.8M $434.4M
YoY Change -59.24% -60.26%
TOTAL ASSETS
Total Short-Term Assets $265.5M $239.6M
Total Long-Term Assets $436.8M $434.4M
Total Assets $702.4M $674.0M
YoY Change -45.87% -48.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.959M $10.30M
YoY Change -76.54% -36.08%
Accrued Expenses $72.93M $41.75M
YoY Change 35.78% -19.59%
Deferred Revenue $52.82M $43.79M
YoY Change -31.46% -41.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $87.09M $86.95M
YoY Change 19829.98% 252.0%
Total Short-Term Liabilities $216.8M $183.2M
YoY Change 46.4% 8.8%
LONG-TERM LIABILITIES
Long-Term Debt $194.8M $193.4M
YoY Change -29.4% -24.05%
Other Long-Term Liabilities $149.6M $26.27M
YoY Change 493.98% 9.85%
Total Long-Term Liabilities $344.5M $219.7M
YoY Change 14.38% -21.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $216.8M $183.2M
Total Long-Term Liabilities $344.5M $219.7M
Total Liabilities $561.3M $519.8M
YoY Change -6.88% -14.7%
SHAREHOLDERS EQUITY
Retained Earnings -$921.7M -$901.3M
YoY Change 176.25% 179.82%
Common Stock $1.089B $1.084B
YoY Change 3.05% 3.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.1M $154.2M
YoY Change
Total Liabilities & Shareholders Equity $702.4M $674.0M
YoY Change -45.87% -48.64%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$20.42M -$313.5M
YoY Change 76.73% 1805.46%
Depreciation, Depletion And Amortization $2.581M $2.665M
YoY Change -9.06% -14.53%
Cash From Operating Activities $6.115M $12.85M
YoY Change -45.88% -256.79%
INVESTING ACTIVITIES
Capital Expenditures $1.446M $774.0K
YoY Change -5.12% -49.08%
Acquisitions
YoY Change
Other Investing Activities $1.500M $4.854M
YoY Change -84.61% -254.0%
Cash From Investing Activities $54.00K $4.080M
YoY Change -99.34% -187.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 167.0K -457.0K
YoY Change -103.85% -110.35%
NET CHANGE
Cash From Operating Activities 6.115M 12.85M
Cash From Investing Activities 54.00K 4.080M
Cash From Financing Activities 167.0K -457.0K
Net Change In Cash 6.336M 16.48M
YoY Change -58.27% -294.92%
FREE CASH FLOW
Cash From Operating Activities $6.115M $12.85M
Capital Expenditures $1.446M $774.0K
Free Cash Flow $4.669M $12.08M
YoY Change -52.23% -224.3%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1. Business Overview</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Business</span></p><p style="text-indent:5.867%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Cerence Inc. (referred to in this Quarterly Report on Form 10-Q as “we,” “our,” “us,” “ourselves,” the “Company” or “Cerence”) is a global, premier provider of AI-powered assistants and innovations for connected and autonomous vehicles. Our customers include nearly all major automobile original equipment manufacturers (“OEMs”), or their tier 1 suppliers worldwide. We deliver our solutions on a white-label basis, enabling our customers to deliver customized virtual assistants with unique, branded personalities and ultimately strengthening the bond between automobile brands and end users. We generate revenue primarily by selling software licenses and cloud-connected services. In addition, we generate professional services revenue from our work with OEMs and suppliers during the design, development and deployment phases of the vehicle model lifecycle and through maintenance and enhancement projects.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.867%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The financial statements are prepared in accordance with GAAP, which requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions can affect the reported amounts in the financial statements and the footnotes thereto. Actual results could differ materially from these estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.867%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On an ongoing basis, we evaluate our estimates, assumptions and judgments. Significant estimates inherent to the preparation of financial statements include: revenue recognition; allowance for credit losses; accounting for deferred costs; accounting for internally developed software; the valuation of goodwill and intangible assets; accounting for business combinations; accounting for stock-based compensation; accounting for income taxes; accounting for leases; accounting for convertible debt; and loss contingencies. We base our estimates on historical experience, market participant fair value considerations, projected future cash flows, and various other factors that are believed to be reasonable under the circumstances. Actual amounts could differ significantly from these estimates.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Risk</span></p><p style="text-indent:5.867%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject us to significant concentrations of credit risk primarily consist of trade accounts receivable. We perfo</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">rm ongoing credit evaluations of our customers’ financial condition and limit the amount of credit extended when deemed appropriate. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">Two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customers accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">14.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> our Accounts receivable, net balance at June 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">Two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">customers accounte</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">d for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% o</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">f our Accounts receivable, net balance at September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
CY2023Q3 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLoss
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crnc Accounts Receivable And Contract With Customer Assets Provision For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsProvisionForCreditLoss
3624000
crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Write Offs Net Of Recoveries
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossWriteOffsNetOfRecoveries
-6063000
crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss Effect Of Foreign Currency Translation
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLossEffectOfForeignCurrencyTranslation
3000
CY2024Q2 crnc Accounts Receivable And Contract With Customer Assets Allowance For Credit Loss
AccountsReceivableAndContractWithCustomerAssetsAllowanceForCreditLoss
-1695000
CY2024Q1 crnc Provision Relating To Bankruptcy
ProvisionRelatingToBankruptcy
6100000
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
2400000
CY2024Q2 us-gaap Inventory Net
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CY2023Q3 us-gaap Inventory Net
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500000
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
70539000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61660000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
276699000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
213711000
CY2023Q4 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
67800000
crnc Contract Acquisition Costs
ContractAcquisitionCosts
7000000
CY2023 crnc Contract Acquisition Costs
ContractAcquisitionCosts
8000000
CY2024Q2 crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
1000000
CY2023Q2 crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
800000
crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
2700000
crnc Contract Acquisition Cost Amortization
ContractAcquisitionCostAmortization
2400000
crnc Contract Acquisition Cost Impairment
ContractAcquisitionCostImpairment
0
CY2024Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1300000
CY2023Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2200000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
7100000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
7400000
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
61300000
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
45100000
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
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crnc Contract With Customer Asset Amount Recognized But Unbilled
ContractWithCustomerAssetAmountRecognizedButUnbilled
-23766000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
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crnc Contract With Customer Write Off Assets
ContractWithCustomerWriteOffAssets
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crnc Contract With Customer Asset Effect Of Foreign Currency Translation
ContractWithCustomerAssetEffectOfForeignCurrencyTranslation
-517000
CY2024Q2 us-gaap Contract With Customer Asset Net
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CY2024Q1 crnc Provision Relating To Bankruptcy
ProvisionRelatingToBankruptcy
6100000
CY2023Q3 us-gaap Contract With Customer Liability
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222599000
crnc Contract With Customer Liability Amounts Billed But Not Recognized
ContractWithCustomerLiabilityAmountsBilledButNotRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
152652000
crnc Contract With Customer Liability Effect Of Foreign Currency Translation
ContractWithCustomerLiabilityEffectOfForeignCurrencyTranslation
1057000
CY2024Q2 us-gaap Contract With Customer Liability
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CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
88520000
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
89980000
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
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30690000
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
67800000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-313543000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16455000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-16455000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-567662000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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Files In Submission

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0000950170-24-094836-index.html Edgar Link pending
0000950170-24-094836.txt Edgar Link pending
0000950170-24-094836-xbrl.zip Edgar Link pending
crnc-20240630.htm Edgar Link pending
crnc-20240630.xsd Edgar Link pending
crnc-20240630_htm.xml Edgar Link completed
crnc-ex10_2.htm Edgar Link pending
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